Barclays PLC in £1 Billion Offering

July 13, 2019

Cleary Gottlieb represented Barclays PLC in a SEC-registered offering of £1 billion additional Tier 1 notes.

The offering, a takedown from Barclays PLC’s shelf registration statement, closed on June 13, 2019.

The offering consisted of a single tranche of fixed-rate resetting perpetual subordinated contingent convertible notes, callable from June 15, 2025, and every five years thereafter. The notes will bear fixed interest at a rate of 7.125% until June 15, 2025, and, thereafter, floating interest based on the gross redemption yield on UK government securities on a semiannual compounding basis. The interest on the notes will reset every five years from, and including, June 15, 2025. The notes are subject to redemption at Barclays PLC’s discretion upon the occurrence of certain regulatory and tax events and to automatic conversion into Barclays PLC ordinary shares if the Barclays group fails to meet certain capital adequacy requirements.

The notes are listed on the International Securities Market of the London Stock Exchange.

Barclays PLC is a British multinational investment bank and financial services company, headquartered in London.